Author(s):Clemens M. Graf von Luckner, Josefin Meyer, Carmen M. Reinhart & Christoph Trebesch Date:June 2024 Abstract: We study sovereign external debt crises over the past 200 years, with a focus on creditor losses, or “haircuts”. Our sample covers 327 sovereign debt restructurings with external private creditors over 205 default spells since 1815. Creditor losses vary[…]
CfP Deadline: October 8, 2024 Conference Event: April 7-8, 2025 Event Location: Brussels, Belgium Organizer(s): European Commission (DG ECFIN)Centre for Economic Policy Research (CEPR)Journal of International Economics Keynote Speaker(s): Hélène Rey (London Business School and CEPR)Silvana Tenreyro (London School of Economics and CEPR) Description: Journal of International Economics Special Issue: Selected papers presented at the[…]
Third edition of the FISEA This is the third edition of the European Central Bank’s biennial report on financial integration and structure in the euro area (FISEA). As explained in greater detail when the first edition was released in March 2020, it is designed to focus on structural developments in the financial system of the[…]
The ECB Blog Entry by Tom Hudepohl, Pamina Karl, Tobias Linzert, Benoit Nguyen, Marta Skrzypińska & Lia Vaz Cruz With the reduction of the Eurosystem’s balance sheet, central bank liquidity is declining. As liquidity is unevenly distributed among banks, an effective redistribution and use of market funding are essential. This worked well so far, with[…]
“All about finance” Blog Entry by Eduardo Mendoza, Martin Tobal & Lorenzo Menna Economists traditionally distinguish between short-term cyclical and long-term structural fluctuations in economic variables. However, recent research highlights the importance of medium-term fluctuations, particularly in capital flows for Emerging Market and Developing Economies (EMDEs), which can significantly predict financial crises. Link: “All about[…]
by Claudia Buch Speech by Claudia Buch, Chair of the Supervisory Board of the ECB, at ‘’the Week of the Environment” on “Working together for climate neutrality: what role do stable banks play?”. Links: Speech by Claudia Buch, Chair of the Supervisory Board of the ECB, at ‘’the Week of the Environment”
CfP Deadline: June 30, 2024 Conference Event: October 11, 2024 Event Location: San Francisco, United States Organizer(s): Federal Reserve Bank of San Francisco Keynote Speaker(s): Sydney Ludvigson (New York University) Description: The Federal Reserve Bank of San Francisco is sponsoring a conference on advances in macro-finance research, to be held in San Francisco on Friday,[…]
Author(s):Marco Cipriani, Thomas M. Eisenbach and Anna Kovner Date:May 2024 Abstract: We use high-frequency interbank payments data to trace deposit flows in March 2023 and identify twenty-two banks that suffered a run, significantly more than the two that failed but fewer than the number that experienced large negative stock returns. The runs were driven by[…]
Author(s):Carlos Madeira Date:May 2024 Abstract: This paper analyses the causal impact of macroprudential policies on growth, using industry-leveldata for 89 countries for the period 1990 to 2021. The small industry size creates an exogenous identification and avoids reverse-causality. I find that macroprudential tightening measures have a negative impact on manufacturing growth, but only for industries[…]
Author(s):Stephen G. Cecchetti & Jens Hilscher Date:May 2024 Abstract: In response to the Global Financial Crisis, central banks engaged in large-scale asset purchases funded by the issuance of reserves. These “unconventional” policies continued during the pandemic, so that by 2022 central banks’ balance sheets had grown up to ten-fold. As a result of rapidly increasing[…]